Optmization of Treasury

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Part I: The Theoretical Framework Page 22 of 124
A good financial situation is characterized by the ability to maintain a level of liquidity sufficient for the turnover in order to ensure the solvency of the company. It is the result of the opposition between the liquidity of the assets and the payment of debt. That is why one of the fundamental concerns of the financial manager is the control of the financial equilibrium of the firm. The Working Capital Fund and the ratios are the most commonly used balance measuring instruments. But controlling the financial balance through these instruments remains insufficient to explain it. Also, should complete this first analysis by financial movements that led to the fund balance. This second analysis allows to enjoy the cash position at a given time, to anticipate movements to come, and hence, have the necessary information to where appropriate, take the necessary corrective actions. SECTION 1: THE CONTROL OF THE FINANCIAL BALANCE. The control of the financial balance is limited in general to the consideration of the Working Capital Fund and the calculation of a number of ratios. I - THE WORKING CAPITAL FUND, INDICATOR OF THE FINANCIAL BALANCE. All the instruments of assessment of the financial situation of a firm, working capital is most often used by both the executives of the company and its bankers. But this notion gives rise to a plurality of definitions whose vagueness is a frequent source of ambiguity and confusion. The Working Capital Fund is part of the permanent capital which finances the operating cycle. It expresses the "ability to cash" of the firm and appears as the source of funding of the cash requirements. A - THE FUND OF WORKING CAPITAL, TOOL OF FINANCING THE CASH REQUIREMENTS. According to the basic and traditional financial balance principle. The different values of assets must always be funded by capital remaining at the disposal of the firm for a time at least equal their life expectancy. Thus capital constituting by definition of the long term jobs should not be financed by short-term loans might not be re-appointed or disappearing themselves. However this balance is fragile. Need to consolidate as a margin of safety: the Working Capital Fund. 1 - THE DETERMINATION OF THE WORKING CAPITAL FUND. Working capital is calculated in two ways Permanent capital on net surplus assets; Current assets - short term (after allocation of profit) debts. 1.1 - THE REFERENCE TO PERMANENT CAPITAL. The existence of a positive working capital means that a portion of current assets is supported by long term capital The requirements of bearings are the part of the cyclical needs whose funding is not provided by cyclic resources but by the Working Capital Fund, and, if the WCF is insufficient by short-term loans. The array of needs and resources can then be written as follow in table n°1: Page 23 of 124
Page 1 and 2: Page 1 of 124
Page 3 and 4: The Optimization of the Cash-Treasu
Page 5 and 6: FOREWORD Nor obtaining the diploma
Page 9 and 10: This project research is dedicated
Page 11 and 12: LIST OF ACRONYMS AND ABBREVIATION
Page 13 and 14: Figure n°1: Determination of the o
Page 15 and 16: TABLE OF CONTENTS Foreword ........
Page 17 and 18: SECOND PART: THE PRACTICE OF THE CA
Page 19 and 20: ABSTRACT Inside a world full of ban
Page 21: In addition, the monetary risk is a
Page 25 and 26: Experience and observation prove th
Page 27 and 28: Whereas part of stocks was practica
Page 29 and 30: C = ax² + bx + c When the demand a
Page 31 and 32: The “Stocks” flow time: Average
Page 33 and 34: It indicates to what extent the rea
Page 35 and 36: RESULTS + FINANCIAL INTERESTS / FIN
Page 37 and 38: ANNUAL SALES H.T / NET FIXED ASSETS
Page 39 and 40: 4 - LIMITS THE PREDICTIVE VALUE OF
Page 41 and 42: This opposition led to the establis
Page 43 and 44: It will similarly be to calculate t
Page 45 and 46: However, this document synthesizes
Page 47 and 48: The cash has then for each day (or
Page 49 and 50: (b) SHORT-TERM DATA: Beyond the ver
Page 51 and 52: These three presentations are well
Page 53 and 54: Manage cash consists, in the tradit
Page 55 and 56: Anyway many authors have developed
Page 57 and 58: Either they consist on interest or
Page 59 and 60: (a) Economies of scale in the deten
Page 61 and 62: Type of Risk Analyze the Risk Evalu
Page 63 and 64: They may have originated an investm
Page 65 and 66: I. PRESENTATION OF THE ANALYSIS MOD
Page 67 and 68: II. DATA COLLECTION TOOLS For what
Page 69 and 70: Part II: The Practice of the Cash-
Page 73 and 74:
8. Development: Currently, this dep
Page 75 and 76:
B. Dynamical competition While the
Page 77 and 78:
1.2 - The existence and the importa
Page 79 and 80:
December - 2014 0,00 DH 1 599 918,6
Page 81 and 82:
(a) Four sources of costs can be id
Page 83 and 84:
20 000 000,00 DH Figure n°5: INFLO
Page 85 and 86:
Therefore; when the company realize
Page 87 and 88:
implementing rules are poorly known
Page 89 and 90:
Regardless of the method chosen, it
Page 91 and 92:
date, but whose amount is known (e.
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30% of the Turnover in the fifth pe
Page 95 and 96:
OVERDRAFT’S COSTS = [33.000.000 D
Page 97 and 98:
3 ° - The Customer-Loan Control Co
Page 99 and 100:
Profitability is the guarantee of t
Page 101 and 102:
(b) The Positive Effect. Swelling o
Page 103 and 104:
2.2 - The influence of investment o
Page 105 and 106:
There are thus two sets of 12 month
Page 107 and 108:
S = The starting stock (possibly) +
Page 109 and 110:
This chart is reserved to make clea
Page 111 and 112:
operation wasn’t beneficial enoug
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50% is paid to the supplier 14 days
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Figure n°18: Daly Balance of IWACO
Page 117 and 118:
Regarding the previous chapters, an
Page 119 and 120:
THE CONCLUSION Page 119 of 124
Page 121 and 122:
Investment and its financing, Trai
Page 123 and 124:
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Optmization of Treasury

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